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Abstract
This report evaluates the United States and world corn and soybean markets for the 2014-2024 period
using the Global Corn and Soybean Policy Simulation Model. This analysis is based on a series of
assumptions about general economic conditions, agricultural policies, weather conditions, and
technological change.
Corn-based ethanol production has influenced the United States corn industry. However, since
2010 U.S. ethanol production has remained near the 14 billion gallon level. Changes in Federal fuel
mandates could significantly impact the world corn market. Under the current assumptions in the
model, corn price is expected to slowly increase to $4.20 per bushel.
Chinese soybean imports are the leading factor influencing the world soybean market. China
currently imports 65% of the soybeans traded in the world market, and that is expected to increase by
another 37% by 2024. Major exporters will continue to be the U.S., Brazil and Argentina. However,
Brazil and Argentina are expected to increase exports while U.S. exports will remain at the current
level. Soybean prices are expected to slowly increase to $9.79/bushel over the time period.